ACCR Company Engagement JFE Steel Corporation

JFE Steel is Japan's second-largest steel manufacturer.

JFE Steel Corporation is the world's 14th-largest steelmaker and Japan’s second largest steel producer. It was created in 2002 through the merger of the steel manufacturing business of Kawasaki Steel and NKK and is owned by JFE Holdings Inc, which is listed on the Tokyo Stock Exchange.

In FY2021, JFE’s greenhouse gas emissions were 79.78 MtCO2-e pa for Scope 1, 2 and 3 combined, with the majority of its emissions coming from domestic steel production - accounting for approximately 5% of Japan’s total emissions in 2021.

JFE Steel is positioning itself for the future of decarbonised steel production, actively exploring the Direct Reduction Iron (DRI) and Electric Arc Furnace (EAF) route, utilising green hydrogen as a key component. In late November 2023, JFE announced its intention to replace a blast furnace at its Kurashiki plant with a new electric arc furnace by 2027, which when in operation, would reduce CO2 emissions by 2.6 million tonnes per year.

ACCR has been engaging with JFE Steel since 2021 on enhancements to its climate governance and decarbonisation measures, along with institutional investors Man Group and Storebrand Asset Management

Details of JFE’s announced steel and iron decarbonisation projects, which feature in ACCR’s global coverage of the steel sector’s emission reduction efforts, can be found here.


  1. Insights

    ACCR Presentation on the green steel transformation

    Webinar to discuss insights from ACCR's recently published report, Forging pathways: Insights for the green steel transformation.

  2. Research

    Investor handbook: Engaging with the steel sector

    This handbook aims to support investors in company engagement, a key tool to drive value and enable emissions reductions in the steel sector.

  3. Research

    Forging pathways: insights for the green steel transformation

    Across every stage of the value chain, companies are taking advantage of advancements in technology to enable less carbon intensive steelmaking.

  4. Media release

    JFE Holdings Shareholders Welcome Company’s New Climate Commitments

    Man Group, Storebrand and ACCR welcome the announcement of enhanced climate commitments by JFE Holdings (“JFE”), one of Japan’s leading steelmakers.